Stock Market Today LIVE: SBI's Total Exposure To Adani Group Is 0.9%
Dalal Street Alert Live Updates: The severe crash in Adani Group stocks has a ripple effect on the domestic stock market as it remains highly volatile.
SBI's total exposure to Adani Group is 0.9 per cent of the overall loan book, says chairman Dinesh Khara, reported PTI.
State Bank of India (SBI) reports 62 per cent growth in December quarter consolidated net profit at Rs 15,477 crore.
Sensex rises for 5th straight session and ends 910 points higher, Nifty above the 17,800 mark at the closing on Friday. Sensex closed at 60,841.88. Nifty gained 243.60 points to close at 17,854.
Adani Enterprises' stock witnessed a 35% drop in early trading today but bounced back as credit rating agencies express confidence in the company's debt repayment abilities.
Moody's Investors Service on Friday said it is assessing the overall financial flexibility, including liquidity position, of Adani Group firms given a significant and rapid decline in stock value post-release of the Hindenburg Research report.
"These adverse developments are likely to reduce the group's ability to raise capital to fund committed Capex or refinance maturing debt over the next 1-2 years," Moody's said.
Sensex is up 638.03 points at 60,570.27. Nifty is up 148 points at 17,759.
Fitch Ratings on Friday said that there’s no “immediate impact” on the ratings of Fitch-rated Adani entities and their securities following a “short-seller report”.
Benchmark indices were trading higher. The Sensex was up 260.27 points at 60192.51, and the Nifty was up 35.70 points at 17646.10.
Sensex is up 276.66 points or 0.46% at 60208.90, and the Nifty is up 28.40 points or 0.16% at 17638.80.
In the wake of an unparalleled attack on the vast empire of billionaire Gautam Adani by Hindenburg Research, the market value of all 10 Adani stocks have suffered a massive loss, with investors facing a whopping Rs 10 lakh crore loss. Since the release of the report by the American short-seller seven trading sessions ago, the market capitalization of all 10 Adani Group stocks has plummeted by over 50%, now standing at Rs 9.49 lakh crore.
Adani Enterprises shares fall by 25 per cent in the morning sessions of trade. Currently, the stock has fallen to Rs 391.30 – 25 per cent
Now the share price is at 1173.95.
All Adani group stock tumbled in the morning session. Shares in Adani Enterprises witnessed a sharp decline, plummeting 10% at the opening of the market on Friday. The fall in stock prices resulted in trading being suspended, further exacerbating a downward trend triggered by various allegations in the Hindenburg report.
The BSE Sensex witnessed an upward trajectory, rising by 412.61 points or 0.69% to reach 60,344.85. Meanwhile, the Nifty 50 index also witnessed gains, rising by 74.80 points or 0.42% to reach 17,685.20. Amongst the stocks, 1,121 shares made gains, 1,753 shares witnessed losses, and 116 shares remained unchanged.
Sensex and Nifty, the two prime equity benchmarks, on Thursday exhibited mixed trends as investors remained jittery regarding deep selloff in Adani Group stocks, despite an overall positive Budget 2023 tone, amid high volatility. The two domestic indices oscillated between gains and losses throughout the trading session.
The S&P BSE gained 224 points to 59,932. On the other hand, the NSE Nifty50 settled at flat at 17,610, down 6 points. The BSE Sensex hit day's high and low of 60,007, and 59,215, respectively.
On the 30-share Sensex platform, ITC, IndusInd Bank, HUL, Infosys, Wipro, and HCL emerged as winners. On the flip side, NTPC, HDFC, Titan, Tata Steel, and PowerGrid ended up on the losing side.
Among individual stocks, shares of ITC rallied 6 per cent to hit a new lifetime high level of Rs 384.40 as brokerages believe that the proposed tax hike on cigarettes in the Union Budget 2023 is not very high and would be easily passed on through small price increases. Besides, shares of HDFC Life Insurance Company slipped 6 per cent to hit an over two-year low of Rs 483.10, on the back of heavy volumes.
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Bears Take over Dalal Street in the Intraday as the two key equity benchmarks continue on their downward path.
At 1:47 PM, the S&P BSE Sensex declined 82 points to 59,626, while the NSE Nifty50 was trading at 17,527, down 89 points.
Among specific stocks, Adani Enterprises widened its losses to 20 per cent, Adani Port was down 7.66 per cent, UPL was down 6.33 per cent, and HDFC life was down 5.75 per cent.
On the 30-share Sensex platform, ITC, HUL, Infosys, TSC, HCL, and Airtel were trading higher. On the flip side, Bajaj Finance, Tata Steel, NTPC, HDFC, PowerGrid, and HDFC Bank emerged as losers.
Continuing with opening trade the two key equity benchmarks, Sensex and Nifty, were trading flat amid high volatility. At 1:00 PM, the S&P BSE Sensex was up by 17 points to 59,725, while the NSE Nifty50 was trading at 17,575, declining 41 points.
On the 30-share Sensex platform, ITC, HUL, IndusInd Bank, Infosys, TSC, and HCL were trading higher. On the flip side, Bajaj Finance, NTPC, HDFC, PowerGrid, and Tata Steel emerged as losers.
Among specific stocks, Adani Enterprises was down about 14 per cent, UPL 5.40 per cent, HDFC life 5.05 per cent, and Adani Port was down 4.26 per cent.
Among sectors, the Nifty FMCG index was up 2 per cent supported by ITC, Britannia Industries, Radico.
Adani group on Thursday clarified that none of the shares of Ambuja or ACC have been pledged by promoters. This comes as ACC and Ambuja Cements' shares registered gain in early trading on February 2, while other Adani Group stocks continued to decline.
Adani group said, "We have come across reports from various market sources with respect to Ambuja and our subsidiary ACC Ltd (ACC) claiming that shares of both Ambuja and ACC are pledged by Promoters as a part of the acquisition financing. Consequently, there are market rumors that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure."
"We would like to clarify that none of the shares of Ambuja or ACC have been pledged by Promoters. The Promoters have only provided non-disposal undertaking and accordingly, there is no requirement of providing any top-up of shares of Ambuja and ACC or cash top up under the acquisition financing raised last year," the statement said.
This comes a day after Adani Enterprises retracted its Follow-On Public Offering (FPO) of shares worth Rupees 20,000 crore, its chairman, Gautam Adani said that decision to withdraw the offering was considered after volatility seen in market and that “the board felt that it would not have been morally correct to proceed with FPO”.
“After a fully subscribed FPO, yesterday’s decision of its withdrawal would've surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it wouldn't be morally correct to proceed with FPO,” Adani said in a video message.
A day after Adani Enterprises retracted its Follow-On Public Offering (FPO) of shares worth Rupees 20,000 crore, its chairman, Gautam Adani said that decision to withdraw the offering was considered after volatility seen in market and that “the board felt that it would not have been morally correct to proceed with FPO”.
“After a fully subscribed FPO, yesterday’s decision of its withdrawal would've surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it wouldn't be morally correct to proceed with FPO,” Adani said in a video message.
“For me, the interest of my investors is paramount and everything is secondary. Hence to insulate investors from potential losses we've withdrawn FPO. This decision will not have an impact on our existing operations and future plans. We'll continue to focus on timely execution,” he added.
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Adani Enterprises said on late Wednesday announced the cancellation of its Follow-On Public Offering (FPO) of shares worth Rs 20,000 crore. The development comes amid the ongoing row over the Hindenburg Research allegations. The American short-seller accused the Adani Group of using tax havens and flagged debt concerns in a report.
"The Board of Directors of the Company at its meeting held today i.e. February 1, 2023 has decided, in the interest of its subscribers, not to proceed with the further public offer (FPO) of equity shares aggregating up to Rs 20,000 crore of face value Rs 1 each on partly paid-up basis, which was fully subscribed," the company said in a statement to the National Stock Exchange.
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The two key equity benchmarks, Sensex and Nifty, on Thursday opened trade lower as news on Adani Group FPO and weekly F&O expiry made investors jittery in early morning trade. The day after the presentation of the Union Budget, the domestic indices were oscillating between gains and losses tracking high volatility.
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Background
Dalal Street On Alert: Sensex climbs 481.94 points to 60,414.18 in early trade while Nifty 118.05 points to 17,728 in the opening market session on Friday. Adani group stocks, where LIC is heavily invested, have lost over USD 100 billion in value since a tiny New York short seller came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate. The Adani group has denied all charges and called the report malicious and full of lies.
Shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies. The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 -- one-year low -- on the BSE. Shares of Adani Ports tanked 10 per cent, Adani Transmission (10 per cent), Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent), ACC (4.24 per cent) and Ambuja Cements (3 per cent).
Many of the group firms hit their lower circuit limits during the morning trade.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
"The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO. Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," the company said in a statement on Wednesday.
Adani Enterprises, the flagship company of Adani Group, had a lacklustre start to its FPO, with only a 1 per cent subscription on the first day of the share sale. The offer was opened for public subscription from January 27-31.
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